|
|
For the first time, the U.S. Commercial Service in Canada is bringing an American business mission to Yellowknife.
The CanArctic Business Mission at the end of the month will be comprised of 10 to 15 U.S. companies specialized in developing solutions in dual-use infrastructure, energy and power generation, mining exploration and remediation, and mental health and healthcare.
It has also just been confirmed that U.S. Ambassador to Canada David L. Cohen will join the Business Mission, the agenda for which is still being finalized.
The two-day event, August 30 to 31, will provide a networking program to facilitate new connections and strengthen existing ones between U.S. and Canadian Indigenous groups, government organizations and business groups.
"The NWT Chamber agreed to participate in this event as it works in correlation with our primary mission to develop opportunities for our members and the private-sector as a whole," stated President Newton Grey, adding that in addition to the conference and networking, the American delegation also plans to patronize local businesses and explore the North Slave region.
The CanArctic Business Mission will focus on business briefings and panel sessions featuring representatives from the municipal government, GNWT, and Indigenous development corporations.
Additionally, the program will provide an opportunity for the U.S. delegates to showcase their solutions and demonstrate how they can be applied in the North.
There is no charge for NWT entities to attend the event at the Chateau Nova Hotel in Yellowknife, however space could be limited depending on response. Transportation or accommodation costs are the participants’ responsibility.
Interested NWT parties can RSVP to NWT Chamber's ED.
|
Emergency Business loan deadline must be extended to ease burden on SMEs
The Bank of Canada recently hiked interest rates and the Canada Emergency Business Account (CEBA) repayment deadline is looming. Many SMEs are being squeezed and are looking for some relief.
Extending the repayment timeline for the CEBA loan would give many businesses the stability and certainty they need.
On July 24, the Canadian Chamber of Commerce sent an open letter to Deputy Prime Minister and Minister of Finance Chrystia Freeland. Some excerpts:
Industry associations representing hundreds of thousands of businesses across Canada are urging you to extend the current Canada Emergency Business Account (CEBA) repayment deadline by two years to the end of 2025, or at least by one year, while maintaining access to the forgivable portion.
Almost 900,000 CEBA loans were approved across Canada. Many businesses had no choice but to take on this loan due to circumstances beyond their control.
Recent surveys focused on CEBA loan-holder companies reveal that:
- 49% of small businesses are still making below normal revenues;
- 50% of Canadian foodservice operators are currently operating at a loss or breaking even compared to 12% pre-pandemic; and;
- 45% of Canada’s tourism businesses are likely or somewhat likely to close within the next three years without government intervention into their mounting debt load.
Unless the federal government acts quickly to postpone the CEBA repayment deadline, businesses that are unable to repay their CEBA loan in time will lose access to the forgivable portion of up to $20,000, thus further increasing their debt load.
We urge you to quickly address this important matter.
|  |
SNAP! From zero to 22 students over six years indicates future health of the trades workforce, says GNWT
Access to skilled trades training and certification has improved, according to the final report on the Apprenticeship, Trade and Occupational Certification Strategy 2017-2022.
The GNWT this week stated the report measures success in "advancing and implementing the objectives," in accordance with the Strategy's Performance Measurement Plan.
Highlights include:
- Improved awareness of skilled trades training and certification through print, radio, digital and social media advertising, fact sheets, promotional materials, attending career events and updating web content.
- Improved satisfaction of both employers and apprentices through the creation of a more positive and supportive environment, focused on meeting the needs and preferences of clients.
- Significant growth in Schools North Apprenticeship Program (SNAP) participation. Participation increased from zero students in 2016 to 22 students in 2022.
- Increased Indigenous participation in the trades. In 2021-2022, 59% of new apprentices in the NWT were Indigenous, growing from 51% of new apprentices who were Indigenous in 2016.
- In 2021-2022, 8% of new apprentices were women, which grew from 2% in 2016.
Understanding interest in the trades through participation in SNAP is an indicator of the future health of the trades workforce in the NWT. SNAP gives high school students hand-on learning experience in a trade.
The GNWT stated that work continues to ensure that women are represented in the trades, both through participation and completion of their apprenticeships.
|
The rich should 'pay their fair share' in taxes? They are already!
A new study shows the top 20% of income-earning households pay more in total income taxes than the other 80% do, as reported in the National Post.
Boosting tax rates on the basis that upper-income earners are not paying a fair share is a policy based on false reasoning, according to Measuring Progressivity in Canada’s Tax System, co-authored by Fraser Institute’s Jake Fuss and economist Nathaniel Li.
"In recent years there have been growing calls to increase taxes on high-income earners based on the belief that they don’t pay enough taxes,” said Fuss. "There’s typically little discussion about how much tax each income group pays.
"The top 20 per cent of income earning families in Canada pay over half of the country’s taxes. That’s obviously a disproportionately large share of the tax burden.”
The study separates income classifications into five groups, or quintiles:
- The bottom 20 per cent earn up to $59,270 annually;
- Quintile 2 earners earn between $59,271 to $104,048;
- Quintile 3 makes between $104,049 and $159,040 per year;
- Quintile 4 makes $159,041 to $243,798; and
- Those in Quintile 5 earn more than $243,799 per year.
Canadian families that rank in the bottom 20 per cent of income earners pay 0.7 per cent of all federal and provincial income taxes, while receiving just over five per cent of Canada’s total family income.
Families that fall within the second quintile pay 4.6 per cent of all income taxes, while receiving 10.1 per cent of all income.
Canadians who rank among the top 20 per cent of wage earners, "pay about 16 percentage points more than their share of total income," wrote the authors.
"Although this income group earns a large portion of total family income, it is paying more than its share of income taxes when measured on a proportional basis."
| |
|
Preparations are going on behind the scenes for the return of the NWT Chamber's annual golf tourney. FORE! The Chamber is Friday, Aug. 18, at the Yellowknife Golf Club with shotgun start at 1pm.
Sponsors are stepping up to show their support for the NWT Chamber, celebrating its 50th Anniversary!
There are a limited number of individual golfer spots still available, the final number dependent on the number of sponsorship packages that include foursomes, are sold.
Supporters of the Chamber who don't golf or can't make it that day can sponsor a hole and be represented by prominent signage at a hole.
The easiest way to register and make payment is to visit the event page.
Thanking you in advance for your consideration and support of this key fundraiser. And thanks to Cabin Radio for the coverage!
|  |
AND THE SURVEY SAYS:
If this is climate change’s ‘new normal’ than it’s obvious the GNWT needs significantly more wildfire fighting resources, given the tragic loss of life and destruction of property, and disruption to the economy we have seen this summer.
|
|
"It’s got a high gross kit, which means it can haul the maximum allowed that the air frame is designed for ... that will be equal to two (semi) trailers that you see outside of Walmart."
—Buffalo Airways GM Mikey McBryan, tells Yellowknifer about his company's 737 cargo jet to be in service later this year. The jet will help thrust Yellowknife into the overnight delivery stratosphere for online shoppers. McBryan continued:
"A lot of people are now ordering and shopping online and everything comes from down south."
| |
"The addition of a wind turbine to the generation mix in Inuvik is a big step forward for NTPC as it introduces a new renewable technology that could potentially be installed elsewhere."
—Cory Strang, President and CEO, Northwest Territories Power Corporation, on Inuvik High Point Wind's construction milestone of the turbine blades being installed. It is expected power generation will start in September. He continued:
"The inclusion of a battery energy storage system will allow additional renewable energy projects to proceed in our largest diesel community.”
| |
"For incredibly boring reasons, Facebook and Instagram say they’re about to block access to Canadian news for anyone in Canada."
— Cabin Radio News Director Ollie Williams, on incoming roadblocks to news by some social media firms. Google says it’s about to do the same thing, so Canadian news will drop from searches. He continued:
"Yes, this is bonkers, but welcome to 2023."
| |
"We can’t predict how consumption patterns will evolve in the coming years and decades. But they will change, either by law, regulation, or social consensus."
— Cooper Langford
Editor of Up Here Business, in a recent Bottom Line newsletter.
"I believe the future belongs to those businesses that figure out how to create the most value from the least consumption."
| |
